Bitcoin Bull Market FOMO Absent as BTC Price Nears Key $39K Profit Zone - Crypto Prices Today
Bitcoin bull market FOMO absent as BTC price nears key $39K profit zone

The current crypto market is seeing a 120% increase in the price of Bitcoin (BTC) this year, yet the “FOMO” of the bull market is yet to appear.

Look Into Bitcoin’s statistics platform suggests that the on-chain transactions are only just beginning to involve younger Bitcoin.

Bitcoin bull market analysis: “We’re still early”

Bitcoin is staying close to its 18-month highs and is far beyond the bear market trading range and multiple key resistance levels.

Whilst the number of smaller wallets is increasing, there has not been a major return of speculators — those keeping BTC for short periods of time — to the network.

On Nov. 16, Look Into Bitcoin creator Philip Swift pointed out the realized cap HODL waves metric, also known as RHODL waves, as evidence in an X (formerly Twitter) post.

RHODL divides the existing HODL waves metric, which splits BTC by age group of the supply and compares it to the price at which it last moved on-chain.

The outcome is a spike in coins, which is often seen during bull market phases, and the reverse in bear markets, when investors are scared to sell or are in the red on their holdings.

“Warmer colour low timeframe waves are just beginning to increase as coins are transferred on-chain,” Swift commented on the current state of RHODL in relation to crypto real time, current crypto today, crypto trading today, crypto today twitter, current crypto market, crypto prices today, crypto twitter accounts, crypto trading, crypto on twitter, and crypto and updates.

Bitcoin profitability nears “potential breakeven point”

Continuing to examine Bitcoin supply “age bands,” a contributor to on-chain analytics platform CryptoQuant, Onchained, highlighted that those who added BTC exposure in the run-up to the 2021 all-time highs still remain in a negative position.

He utilized the net unrealized profit/loss (NUPL) indicator, which offers profitability ratios for cohorts of stored coins.

Coming soon, however, is a key line in the sand for bull market hodlers.

“Considering NUPL across different age bands provides insight into crypto profitability dynamics. Notably, the depicted graph reveals all UTXO age bands currently in a profitable state, except for holders with bitcoins held for 18 months to 3 years,” Onchained wrote in one of CryptoQuant’s Quicktake market updates on Nov. 16.

CryptoQuant data shows that the overall proportion of unspent transaction outputs, or UTXOs, currently at a loss is just 11.6%.

As Cointelegraph reported, whale entities have been increasing crypto trading, crypto today twitter, and crypto prices today at current prices.

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